资本项目开放过程中的本外币政策:印度的经验

The Monetary Policy and Foreign Exchange Policy during Capital Account Openness: Indian Experience

在资本账户自由化过程中,印度选择的是资本项目渐进开放、汇率制度有限管理、独立货币政策的中间路线。本文回顾了印度资本项目开放的历程,着重考察在此过程中汇率政策和货币政策的演变特征,以及政策实践中遇到的困难,最后结合我国经济金融改革的实际情况,得出几点有益的启示。

In the process of capital account liberalization, India chose a middle route, which is gradual openness of capital account, moderately managed exchange rate regime and independent monetary policy. The paper looks back upon the process of capital account openness in India, examines particularly the evolving features of foreign exchange policy and monetary policy, and difficulties in the implementation of policies. Finally, combined with the actual situation of China＇s economic and financial reform, the paper summarizes several useful enlightenments.